Miller Tabak’s Pietronico Says Muni Supply Surge Means Bargains

A surge in the municipal-bond supply creates the best buying opportunity in two years, said Michael Pietronico, chief executive officer at New York-based Miller Tabak Asset Management.

Oversupply has meant a slow market and higher yields as issuers rush to sell federally subsidized Build America Bonds before the program’s expiration at year’s end, Pietronico, who manages $330 million in municipal holdings, said in a telephone interview today.